761.10
Distributing income.

All rentals received under leases of a project made by the
municipal corporation, and all proceeds of the sale or other disposition of a
project of the municipal corporation, after paying the necessary expenses
including expenses of maintenance and repair which the municipal corporation is
required to incur for a project owned by it shall be placed in separate sinking
funds to the extent provided in the ordinances of the municipal corporation
authorizing revenue bonds which are hereby pledged to and charged with the
payment of interest on, principal of and redemption premium on, the revenue
bonds issued by the municipal corporation to the extent provided in the
ordinances authorizing and the trust agreement securing such bonds. The moneys
therein in excess of the amounts required by the bond ordinances and trust
agreements and all payments not so required to be paid into such sinking funds
shall be retained or placed in such fund or in the other fund provided for by
section 761.11 of the Revised Code, as the
municipal corporation shall determine, and shall be available for the uses for
which such funds are established. Provided, no project shall be sold by the
municipal corporation until moneys are available to retire the revenue bonds
issued for such project.